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Price Signal Summary - Key Resistance In Gold Remains Exposed

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and this week’s gains reinforce this condition. The latest recovery signals scope for a test of key short-term resistance at $2009.4, the Nov 7 high. Clearance of this hurdle would confirm a resumption of the uptrend and pave the way for a climb towards $2022.2, the May 15 high. Key support has been defined at $1931.7, the Nov 13 low. A break would signal a potential reversal.
  • In the oil space, a bearish theme in WTI futures remains in play and recent gains appear to be a correction. The break lower last week marked an extension of the downtrend that started late September and this has maintained a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. The focus is on $70.96,76.4% of the May 4 - Sep 28 bull run. Key resistance is unchanged at $79.65, Nov 14 high.

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